Wells Fargo & Company Has Lowered Expectations for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price target dropped by equities research analysts at Wells Fargo & Company from $50.00 to $49.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the energy company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 26.08% from the stock’s previous close.

A number of other equities analysts also recently issued reports on DVN. Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a report on Tuesday, September 3rd. StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Barclays lowered their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Sanford C. Bernstein lowered their price objective on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 17th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $51.80.

Devon Energy Stock Performance

Shares of DVN opened at $38.87 on Thursday. The company has a 50-day simple moving average of $40.48 and a 200-day simple moving average of $44.89. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $24.34 billion, a PE ratio of 7.05, a P/E/G ratio of 1.20 and a beta of 2.03. Devon Energy has a 52-week low of $37.76 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business’s revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.65 EPS. Equities research analysts predict that Devon Energy will post 4.93 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Triad Wealth Partners LLC purchased a new position in Devon Energy in the second quarter valued at approximately $27,000. 1620 Investment Advisors Inc. purchased a new position in Devon Energy in the second quarter valued at approximately $34,000. Capital Performance Advisors LLP purchased a new position in Devon Energy in the third quarter valued at approximately $35,000. PSI Advisors LLC raised its holdings in Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after buying an additional 300 shares during the period. Finally, LRI Investments LLC purchased a new position in Devon Energy in the first quarter valued at approximately $39,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.